AstraZeneca has reported an 18% year-on-year rise in full-year revenue to $54.1bn, having overcome falling sales in China.

This was boosted by a 24% annual jump in Q4 revenue to $14.9bn, as the pharmaceutical giant saw and increase in product sales and recorded continued growth in its partnered medicines.

However, AstraZeneca confirmed in its latest trading update that is facing an investigation in China over suspected unpaid import taxes of $900,000, which could result in a fine for the company of up to $4.5m. Sales in China fell by 3% in Q4.

AstraZeneca still announced that its total revenue is forecast increase by a “high single-digit percentage” in its FY25 guidance, as shares in the FTSE 100 listed group also responded positively to the trading update.

CEO of the company, Pascal Soriot, said AstraZeneca had delivered a “very strong performance” in 2024 and that increasing demand for its medicines in all its key regions would “help sustain growth momentum into 2025”.

“This year marks the beginning of an unprecedented, catalyst-rich period for our company, an important step on our Ambition 2030 journey to deliver $80bn total revenue by the end of the decade,” Soriot said.

“We are also investing in and making significant progress with transformative technologies that have the potential to drive our growth well beyond 2030, many of which have now entered pivotal trials.”

Healthcare analyst at Quilter Cheviot, Sheena Berry, described the AstraZeneca results as “robust” set of results this morning, with Q4 total revenue and earnings both coming in ahead of expectations.

“China has proven to be an overhang on the stock following the fraud investigations of several individuals, and questions remain on exactly what impact this might have on operations in China,” added Berry.

“Sales declined 3% in the region, largely as a result of lower rates of seasonal respiratory viral infections and tightening hospital budgets. While the import tax allegation is certainly a headline generating blemish on the company, it appears manageable.

“Looking ahead, 2025 guidance implies another year of solid growth is anticipated by management.”

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